Funding arb · Price arb /

CAKE

all CAKE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Variational Omni against Bybit+0.085%7-day average +0.014% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Bybit Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.029%+$3 on $10k

Price spread, last 3 days (all we have)−0.046%−$5 · spread now +0.085%, 7d avg +0.014%

Together, before fees−0.017%+ Points / potential airdropVariational Omni: Active · farm board−$2 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.071% dearer against Bybit than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.014%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit CAKEUSDT	2.5450	0.0100	pay 0.0050% / 4h	3h 57m	$5.3M	$3.9M	50x
Short	Variational Omni CAKE	2.5472	0.0100	get 0.0050% / 4h	3h 57m	$534K	$469K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BybitbpFee Variational OmnibpOrdersPrice spread, now +0.085%Rate

Funding earned: $0
Price spread: +0.085% → +0.014%: $7.12
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$3.88
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 1 min ago; Variational Omni: RFQ quote, 17 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Bybit live order book, 1 min ago	1.96 bp	20.8 bp −$21	50.1 bp −$501	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 17 min ago	4.66 bp	doesn't fit	48.8 bp −$488	doesn't fit	doesn't fit

CAKE on 16 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni CAKEUSDT	−0.0068%	1h	2.5494	+0.173%	$13K	$696K	50x	as long as short
Orderly PERP_CAKE_USDC	+0.0020%	4h	2.5460	+0.039%	$7K	$14K	10x	as long as short
Injective CAKE/USDC PERP	+0.0033%	1h	2.5440	−0.039%	$113	$52K	5.5x	as long as short
BloFin CAKE-USDT	+0.0080%	4h	2.5463	+0.051%	$995K	$363K	75x	as long as short
Hyperliquid CAKE	+0.0100%	1h	2.5485	+0.138%	$3.2M	$2.7M	3x	as long as short
Aster CAKEUSDT	+0.0100%	4h	2.5460	+0.040%	$2.4M	$78K	10x	as long as short
Binance CAKEUSDT	+0.0100%	4h	2.5463	+0.051%	$18.2M	$35.9M	75x	as long as short
Bybit CAKEUSDTlong	+0.0100%	4h	2.5450	long leg	$5.3M	$3.9M	50x
Gate CAKE_USDT	+0.0100%	4h	2.5444	−0.024%	$891K	$679K	75x	as long as short
MEXC CAKE_USDT	+0.0100%	4h	2.5463	+0.051%	$14.2M	$2.8M	125x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin CAKEUSDTM	+0.0100%	4h	2.5466	+0.063%	$2.5M	$5.6M	50x	as long as short
Bitget CAKEUSDT	+0.0100%	4h	2.5478	+0.110%	$2.7M	$2.6M	75x	as long as short
BingX CAKE-USDT	+0.0100%	4h	2.5469	+0.075%	—	$3.6M	—	as long as short
Variational Omni CAKEshort	+0.0100%	4h	2.5472	+0.085%	$534K	$469K	—
GMX CAKE/USD [WBTC.b-USDC]	L +0.0420% / S −0.0272%	1h	2.5474	+0.095%	$38K	—	100x	as long as short
Kraken Futures PF_CAKEUSD	+0.0708%	1h	2.5508	+0.230%	$55K	$39K	10x	as long as short